2.25% 1-Year Fixed, 2.88% 5-Year Fixed Mortgage Promo and Links

For the readers who are in the market for a mortgage in the near future, My Virtual Mortgage Broker (Canadian Mortgage Trends) is back with more great mortgage offers. This time around they are offering Canada’s lowest 1-year fixed, 5-year fixed and 10-year fixed rates (that I can find) exclusively for MDJ readers.

Update: This offer has been extended until October 5, 2012!

What are the rates? 2.25% for 1-year fixed, 2.88% for 5-year fixed, 3.79% for 10-year fixed. Here are the details:

* Always unbiased mortgage advice from the Editors of CMT
(Finding you great deals from all the lenders.)
* No hidden fees
* Lump-sum prepayments can be made anytime during the calendar year in multiple installments, up to 10%-20% annually depending on the lender
* Optional payment top-ups up to 20-100% annually based on lender
* All mortgages are fully portable
* Up to 95% loan-to-value (LTV) on purchases; 80% on refinances

This is a limited time offer which valid until Oct 5, 2012 for closing before Oct 30, 2012. If you are in the market for a mortgage, you can read more details here.

About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

From Ben Rabidoux, creator of the Economic Analyst blog, which looks into housing and mortgage trends:

“The CMHC has “absolutely been the key driver in the boom in the ownership rate in Canada,” and that this is having an inflationary impact on everyone.

“Without that government support that’s allowing people with very little down to jump into the ownership pool, you just would not see the ownership rate expanding the way that it is,” he argues. He also believes the CMHC mandate is inherently self-defeating.

“They don’t provide affordable housing, they provide affordable financing. And when all you do is provide affordable financing, you inflate house prices.”

@mark, I would start right away to get a feel for what’s out there. Great thing about mortgage rates is that brokers can hold the rate for you for a number of days. I believe when I was shopping for a mortgage, my broker would hold for up to 90 days.